A subsidiary of Japan-based Marubeni Corp. has acquired a 90% interest in the 102.5 MW Shiloh IV wind project from EDF Renewable Energy.
The wind farm, located in Solano County, Calif., commenced operations in December 2012 and has a 25-year power purchase agreement with Pacific Gas and Electric. The project features 50 REpower MM92 turbines.
EDF Renewable Energy will retain a 10% stake in the project, and its affiliate EDF Renewable Services will continue to provide operations and maintenance services. Marubeni will participate in asset management roles working with EDF Renewable Energy in the administration of the project.
‘EDF Renewable Energy values this partnership with Marubeni and the opportunity to engage in another successful transaction,’ comments EDF's Raphael Declercq. ‘This sale illustrates our ability to recycle capital to fund future development while staying fully involved in the project. This is an important aspect of our business model that allows us to further our ambition as a world-class renewable project developer.’